La Vida is a new luxury apartment community near the entrance to Somersett. Meanwhile, Cantabria is a new townhome community near McQueen, off of 7th and Sierra Highlands. With these new housing opportunities in mind, let’s do a cost comparison between a brand-new luxury apartment and a brand-new townhome in Northwest Reno.
Let’s begin with the La Vida apartments. These 3-bed, 2-bath, 1,438 square-foot apartments have beautiful views, are located near a great school district, and I imagine that they have great amenities as well. From what I know, the garages are not attached. Additionally, when considering apartment costs, you have to factor in pet costs as well. Not including extra fees and bills, rent for one of these apartments is $2,150.
Now let’s put that up against the cost of ownership of one of the new Cantabria townhomes. It is located in the same school district, each unit has 1,587 square feet, they are also 3-bed and 2-bath, and they have 2-car garages. Assuming just a 5% down payment and that you have a good credit score, your total payment is going to be $2,376 if we factor in $200 for HOA fees, which will take care of the exterior of your home.
Though the townhome clearly costs more money per month, let’s take a look at what that $200 represents. With that cost, you could potentially get a mortgage deduction on your tax return, and you get extra security that your rent is not going to keep going up and up. You will also get the opportunity to build equity and wealth over the long-term by paying down that debt. You can have a pet at no additional cost, and your garage is attached to your unit. Further still, you get to pick your own finishes.
Ultimately, though the townhome costs more, choosing it over the apartment is a much better value in the long-run.
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